What’s next after the Olympics

February 26, 2010

ri-det1.gifCurrent Richmond housing inventory

– detached homes: around 3.6 months
– townhouses: around 2.9 months
– condos: around 4.1 months

The spike up in new listings and lower sales for the month had resulted in the market easing up. Buyers are able to find a wider selection of homes as compared with the month before. The overall current supply of homes for Richmond at under 4 months is a marked improvement over the previous months tight supply situation. If supply continue at current pace, and sales remain at the sale level, Richmond’s housing market may edge towards a balance.

ri-att1.gifPrice pressure may be easing

The pending HST implementation in July 2010, and talks of higher interest rates in April may prompt more buyers to get into the market the next month or two. Some sellers are concerned that the market may be less favourable after the Winter Olympics.

New multi-family condos

In spite of the increase in sales activities and home prices, some new developments may not be attracting as many new buyers as the developers are hoping to get.  At current price level, home buyers are weary that they may be buying at the peak of the market.  
ri-apt1.gif

Downtown Vancouver may be the first to top out, as the supply and demand for resale and new condos are trending towards a more balance market.  If supply continues at current pace, a flattening or softening in condo prices can be expected if the inventory of condos over-shot 6 months supply. 

View homes for sale in Richmond.

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